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IBDvalueinvestin (99.68)

Boneheaded moves by me this month

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August 29, 2009 – Comments (3)

Tim Freeman, head of U.S. equity derivative sales at Capstone Sales Advisors says that pricing for S&P options indicates a 2.25% move higher next week, indicating that the market will be "very range bound" in the short term. With Labor Day not yet past, there's likely to be a continuation of light volume next week as well, until more of Wall Street returns from the holiday after Labor Day.

 

Data to be released next week include indicators on manufacturing activity, with the purchasing managers index on Monday and the ISM report the following day (Both these numbers surprised to the upside last time out). Tuesday will also hold the monthly report on auto sales (This number will surprise to the upside because the cash for clunkers was extended into August), followed by minutes from the Fed meeting on Wednesday, the weekly initial claims report on Thursday and the broader employment report on Friday. The Labor Department will release the jobs report on Friday, perhaps the most closely watched economic indicator at the moment. The market expects employers to have cut another 225,000 payrolls in August, sending the unemployment rate slightly higher to 9.5% from 9.4% in July.

 

 Did I go Short a Week too early??

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Guess I will have to have my finger on the cover button Monday, thats what happens when you don't check on what date Labor day falls on. Last year it was Sept. 1st. which was the first week of Sept., Just my luck that this year its the second week of Sept. instead.

That has got to be one of my top boneheaded moves this month to go along with another  one I did last week when I meant to sell shares of a stock that was falling but instead I doubled my position by accidently buying instead of selling and then not checking what had occurred until an hour later. That boneheaded move alone cost me nearly $2k in losses.

I guess you gotta take the bad moves with the good ones in perspective.

3 Comments – Post Your Own

#1) On August 29, 2009 at 2:31 PM, awallejr (85.54) wrote:

Much ado about September/October.  Pretty much every one is expecting a volatile correction.  While volume will naturally return, it could also surprise on the upside too.  This is a time period I have the hardest time gauging.

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#2) On August 29, 2009 at 2:45 PM, dragonLZ (99.59) wrote:

You went short at leat a quarter early...

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#3) On August 29, 2009 at 2:47 PM, dragonLZ (99.59) wrote:

You went short at least a quarter too early...

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